Abcourt Mines Inc. announced a non-brokered private placement of up to 100,000,000 units at an issue price of CAD 0.05 per Unit for aggregate gross proceeds of up to CAD 5,000,000 on March 12, 2024. Each Unit will consist of one common share and one common share purchase warrant. Each Warrant will entitle its holder to purchase one Common Share at a price of CAD 0.06 for a period of 36 months following the closing date of the Private Placement.

The Private Placement is expected to close on or about March 26, 2024 and remains subject to approval of the TSXV. All securities issued in connection with the Private Placement will be subject to a restricted period ending on the date that is four months plus one day following the date of their issuance. The transaction will include participation from returning investor François Mestrallet to issue 20,000,000 units at an issue price of CAD 1,000,000.

The investor directly and indirectly holds 89,334,000 Common Shares, 19,600,000 warrants to purchase Common Shares and 1,500,000 options to purchase Common Shares. Following the closing of the Private Placement, it is expected that he will hold, directly and indirectly, 109,334,000 Common Shares, 39,600,000 warrants to purchase Common Shares and 1,500,000 options to purchase Common Shares, which will be equal to approximately 18.4% of the issued and outstanding Common Shares on a non-diluted basis (25.1% on a partially diluted basis).